GAAP net earnings of $4 million for the quarter ended June 30, 2017,
compared with $8 million for the quarter ended June 30, 2016.

Operational EBITDA for the quarter of $14 million compared with $23
million for the second quarter of 2016.

Revenues for the quarter of $381 million compared with revenues of
$423 million for the second quarter of 2016, down $42 million or 10
percent. On a constant currency basis revenues were down $36 million
or 9 percent.

The company ended the second quarter with a cash balance of $370
million, a decrease in cash of $8 million for the second quarter of
2017.

The company updated its 2017 outlook to reflect the impact of an
expected advanced technology transaction. Kodak adjusted its forecast
for the full year change in cash balance to a range of $0 to $10
million of cash generation. Kodak continues to expect revenues of $1.5
billion to $1.6 billion and adjusted its forecast for Operational
EBITDA to a range of $90 million to $105 million.

Revenues in the second quarter of 2017 were $381 million, a 10 percent
decline from the second quarter of 2016 or 9 percent on a constant
currency basis.

GAAP net earnings were $4 million for the quarter ended June 30, 2017, a
decline of $4 million compared with the second quarter of 2016. An
embedded derivative related to the convertible preferred stock
investment by Southeastern Asset Management positively impacted net
earnings by $14 million for the quarter.

The company delivered second quarter Operational EBITDA of $14 million,
consistent with the company’s expectations, down $9 million compared
with the second quarter of 2016. On a constant currency basis,
Operational EBITDA was down $8 million.

The company ended the quarter with a cash balance of $370 million, down
$8 million, or 2 percent, from the balance at the end of the first
quarter, 2017 and down $64 million from the balance at the beginning of
2017. This reflects the use of cash in working capital items such as
inventory increases for sequential revenue growth during the second half
of the year, partially offset by the release of restricted cash.

“Our cash position is in line with our expectations for the quarter and
we are on track for our plan for the year,” David Bullwinkle, Kodak’s
chief financial officer, said. “In the first half of 2017, we invested
in working capital to support sequential growth in the second half of
the year.”

Print Systems Division (PSD), Kodak’s largest division, had Q2
revenues of $236 million, a 9 percent decline compared with Q2 2016.
Operational EBITDA for the quarter declined by $6 million compared with
the same period a year ago. The decline was largely due to pricing
pressures and the higher cost of aluminum, the primary material for the
division’s plate products.

For the quarter, KODAK SONORA Plates delivered continued strong
performance, with volume increasing by 18 percent compared with the same
period a year ago. SONORA Plates now account for 18 percent of the
division’s total plate unit sales.

Enterprise Inkjet Systems Division (EISD), including the KODAK
PROSPER and KODAK VERSAMARK businesses, had Q2 revenues of $35 million,
compared with $44 million for the prior-year quarter, a decline of 20
percent.

Operational EBITDA was $1 million, an improvement of $7 million compared
with Q2 of 2016. On a constant currency basis, operational EBITDA
improved by $8 million.

For the second quarter of 2017 the PROSPER business continued to deliver
solid performance with year-over-year annuity growth of 14 percent.

Kodak continues to invest in next-generation ULTRASTREAM inkjet
technology, working with a number of prospective OEM partners toward
commercializing the technology in 2019.

The Flexographic Packaging Division (FPD) includes KODAK FLEXCEL
NX Systems and Plates as well as other packaging businesses, such as
analog flexographic plates and letterpress plates, proofing products and
services. FPD continued to deliver strong performance for the quarter,
driven by consistent growth in KODAK FLEXCEL NX Plates. Revenues for Q2
were $37 million, an increase of $2 million or 6 percent over the same
period a year ago. Operational EBITDA was $8 million, an increase of $2
million or 33 percent compared with the second quarter of 2016.

For the quarter, FLEXCEL NX revenues increased 12 percent over the
prior-year period and FLEXCEL NX Plate volume continued to deliver
strong growth, increasing by 22 percent year over year. In April, Kodak
broke ground on an expansion of its manufacturing facility in
Weatherford, Oklahoma, to accommodate a new line for the production of
KODAK FLEXCEL NX Plates.

Software and Solutions Division (SSD) delivered Q2 revenues of
$22 million, an increase of $1 million compared with the same period
last year. Operational EBITDA increased $1 million compared with the
prior-year period. Licensing revenue in Unified Workflow Solutions grew
6 percent for the first half of 2017.

Consumer and Film Division (CFD) revenues for Q2 were $47
million, down 24 percent from $62 million in Q2 of 2016. Operational
EBITDA was negative $5 million, primarily driven by the expected
continued decline in consumer inkjet and a reduction in Industrial Films
& Chemicals primarily due to a significant customer order in the prior
year.

The division recently entered into multiyear supply agreements with
three major Hollywood studios for motion picture film.

The Advanced Materials and 3D Printing Technology Division (AM3D)
includes Kodak’s research lab, Micro 3D Printing as well as intellectual
property licensing not directly related to the other business divisions.
AM3Dhad Operational EBITDA of negative $7 million, compared with
negative $8 million for Q2 2016.

Eastman Business Park Division (EBP) had revenues of $4 million,
an increase of $1 million over the prior-year second quarter.
Operational EBITDA increased by $1 million from the prior period. During
the quarter, the division added a controlled environment agriculture
company as a tenant.

Revenue and Operational EBITDA Q2 2017 versus Q2 2016

Q2 2017 Earnings Release and Presentation

Q2 2017 Financial Summary

($ millions)

Q2 2017 Actuals

PSD

EISD

FPD

SSD

CFD

AM3D

EBPD

Total EK

Revenue

$

236

$

35

$

37

$

22

$

47

$

-

$

4

$

381

Operational EBITDA b/f corp costs*

29

3

10

-

(2

)

(7

)

3

36

Corporate SGA

13

2

2

1

3

-

1

22

Operational EBITDA*

16

1

8

(1

)

(5

)

(7

)

2

14

Q2 2016 Actuals

PSD

EISD

FPD

SSD

CFD

AM3D

EBPD

Total EK

Revenue

$

258

$

44

$

35

$

21

$

62

$

-

$

3

$

423

Operational EBITDA b/f corp costs*

34

(4

)

7

-

13

(7

)

1

44

Corporate SGA

12

2

1

2

3

1

-

21

Operational EBITDA*

22

(6

)

6

(2

)

10

(8

)

1

23

Q2 2017 Actuals vs. Q2 2016 Actuals B/(W)

PSD

EISD

FPD

SSD

CFD

AM3D

EBPD

Total EK

Revenue

$

(22

)

$

(9

)

$

2

$

1

$

(15

)

$

-

$

1

$

(42

)

Operational EBITDA b/f corp costs*

(5

)

7

3

-

(15

)

-

2

(8

)

Corporate SGA

(1

)

-

(1

)

1

-

1

(1

)

(1

)

Operational EBITDA*

(6

)

7

2

1

(15

)

1

1

(9

)

Q2 2017 Actuals on constant currency**

vs. Q2 2016 Actuals B/(W)

PSD

EISD

FPD

SSD

CFD

AM3D

EBPD

Total EK

Revenue

$

(18

)

$

(8

)

$

3

$

1

$

(15

)

$

-

$

1

$

(36

)

Operational EBITDA*

(6

)

8

2

1

(15

)

1

1

(8

)

* Total Operational EBITDA, Operational EBITDA before Corporate
Costs by segment and Total Operational EBITDA before Corporate Costs
are non-GAAP financial measures. The reconciliation between GAAP and
non-GAAP measures is provided in Appendix A of this press release.

** The impact of foreign exchange represents the 2017 foreign
exchange impact using average foreign exchange rates for the three
months ended June 30, 2016, rather than the actual exchange rates in
effect for the three months ended June 30, 2017.

About Kodak

Kodak is a technology company focused on imaging. We provide – directly
and through partnerships with other innovative companies – hardware,
software, consumables and services to customers in graphic arts,
commercial print, publishing, packaging, electronic displays,
entertainment and commercial films, and consumer products markets. With
our world-class R&D capabilities, innovative solutions portfolio and
highly trusted brand, Kodak is helping customers around the globe to
sustainably grow their own businesses and enjoy their lives. For
additional information on Kodak, visit us at kodak.com,
follow us on Twitter @Kodak,
or like us on Facebook at Kodak.

Cautionary Statement Regarding Forward-Looking Statements

This press release includes “forward-looking statements” as that term is
defined under the Private Securities Litigation Reform Act of 1995.
Forward-looking statements include statements concerning Kodak’s plans,
objectives, goals, strategies, future events, future revenue or
performance, capital expenditures, liquidity, investments, financing
needs and business trends and other information that is not historical
information. When used in this press release, the words “estimates,”
“expects,” “anticipates,” “projects,” “plans,” “intends,” “believes,”
“predicts,” “forecasts,” “strategy,” “continues,” “goals,” “targets” or
future or conditional verbs, such as “will,” “should,” “could,” or
“may,” and similar expressions, as well as statements that do not relate
strictly to historical or current facts, are intended to identify
forward-looking statements. All forward-looking statements, including
management’s examination of historical operating trends and data, are
based upon Kodak’s expectations and various assumptions.

Future events or results may differ from those anticipated or expressed
in the forward-looking statements. Important factors that could cause
actual events or results to differ materially from the forward-looking
statements include, among others, the risks and uncertainties described
in more detail in Kodak’s Annual Report on Form 10-K for the year ended
Dec. 31, 2016, under the headings “Business,” “Risk Factors,” “Legal
Proceedings” and/or “Management’s Discussion and Analysis of Financial
Condition and Results of Operations—Liquidity and Capital Resources,” in
the corresponding sections of Kodak’s Quarterly Reports on Form 10-Q for
the quarters ended March 31, 2017, and June 30, 2017, and in other
filings Kodak makes with the U.S. Securities and Exchange Commission
from time to time, as well as the following: Kodak’s ability to improve
and sustain its operating structure, cash flow, profitability and other
financial results; the ability of Kodak to achieve cash forecasts,
financial projections and projected growth; Kodak’s ability to achieve
the financial and operational results contained in its business plans;
Kodak’s ability to fund continued investments, capital needs and
restructuring payments and service its debt and Series A Preferred
Stock; Kodak’s ability to comply with the covenants in its various
credit facilities; Kodak’s ability to discontinue, sell or spin-off
certain businesses or operations or otherwise monetize assets; changes
in foreign currency exchange rates, commodity prices and interest rates;
Kodak’s ability to effectively anticipate technology trends and develop
and market new products, solutions and technologies; Kodak’s ability to
effectively compete with large, well-financed industry participants;
continued sufficient availability of borrowings and letters of credit
under Kodak’s revolving credit facility, Kodak’s ability to obtain
additional financing if and as needed and Kodak’s ability to provide or
facilitate financing for its customers; the performance by third parties
of their obligations to supply products, components or services to
Kodak; and the impact of the global economic environment on Kodak.

There may be other factors that may cause Kodak’s actual results to
differ materially from the forward-looking statements. All
forward-looking statements attributable to Kodak or persons acting on
its behalf apply only as of the date of this press release and are
expressly qualified in their entirety by the cautionary statements
included or referenced in this press release. Kodak undertakes no
obligation to update or revise forward-looking statements to reflect
events or circumstances that arise after the date made or to reflect the
occurrence of unanticipated events.

APPENDICES

A. NON-GAAP MEASURES

In this second quarter 2017 financial results news release, reference is
made to the following non-GAAP financial measures:

Operational EBITDA;

Revenues and Operational EBITDA on a constant currency basis; and

Operational EBITDA before Corporate Costs.

Kodak believes that these non-GAAP measures represent important internal
measures of performance. Accordingly, where they are provided, it is to
give investors the same financial data management uses with the belief
that this information will assist the investment community in properly
assessing the underlying performance of Kodak, its financial condition,
results of operations and cash flow.

Kodak’s segment measure of profit and loss is an adjusted earnings
before interest, taxes, depreciation and amortization (“Operational
EBITDA”). The change in revenues and Operational EBITDA on a constant
currency basis, as presented in this financial results news release, is
calculated by using average foreign exchange rates for the three months
ended June 30, 2016, rather than the actual exchange rates in effect for
the three months ended June 30, 2017.

This press release also contains a forward-looking estimate of full-year
2017 Operational EBITDA and full-year Cash Generation. Kodak is unable
to provide a reconciliation of full-year 2017 Operational EBITDA to a
forward-looking estimate of GAAP net income / loss and a reconciliation
of full-year cash generation to changes in cash and cash equivalents
because projected GAAP net income / loss for the full year and changes
in cash and cash equivalents would require inclusion of the projected
impact of future excluded items, including items that are not currently
determinable or dependent on future events which may be uncertain or
outside of Kodak’s control, such as asset sales, asset impairments,
foreign exchange gains / losses, changes in the fair value of the
conversion option derivative liability, unanticipated items not
reflective of ongoing operations, or other items. Due to the uncertainty
of the likelihood, amount and timing of any such items, Kodak does not
have information available to provide quantitative reconciliations of
full-year 2017 projected net income / loss and changes in cash and cash
equivalents.

The following table reconciles the most directly comparable GAAP measure
of Net Earnings Attributable to Eastman Kodak Company to Operational
EBITDA and Operational EBITDA on a constant currency basis for the three
months ended June 30, 2017, and 2016, respectively:

(in millions)

Q2 2017

Q2 2016

$

Change

% Change

Net Earnings Attributable to Eastman Kodak Company (GAAP basis)

$

4

$

7

$

(3

)

-43

%

Net income attributable to noncontrolling interests (1)

-

1

(1

)

-100

%

Net Earnings

$

4

$

8

$

(4

)

-50

%

All Other (2)

-

(2

)

2

-100

%

Corporate components of pension and OPEB income (3)

(35

)

(40

)

5

-13

%

Depreciation and amortization

22

27

(5

)

-19

%

Restructuring costs and other (1)

11

7

4

57

%

Stock based compensation

3

1

2

200

%

Consulting and other costs (4)

-

2

(2

)

-100

%

Idle costs (5)

1

1

-

0

%

Manufacturing costs originally planned to be absorbed by silver
metal mesh touch screen production (6)

-

1

(1

)

-100

%

Other operating expense (income), net (1)

2

(6

)

8

-133

%

Interest expense (1)

8

16

(8

)

-50

%

Other (income) charges, net (1)

(9

)

1

(10

)

-1000

%

Provision for income taxes (1)

4

6

(2

)

-33

%

Loss from discontinued operations, net of income taxes (1)

3

1

2

200

%

Operational EBITDA

$

14

$

23

$

(9

)

-39

%

Impact of foreign exchange (7)

1

1

Operational EBITDA on a constant currency basis

$

15

$

23

$

(8

)

-35

%

The following tables reconcile the most directly comparable GAAP measure
of Operational EBITDA (Segment Measure) to Operational EBITDA before
Corporate Costs for each Division for the three months ended June 30,
2017, and 2016, respectively:

(in millions)

For the Three Months Ended June 30, 2017

Print Systems

Enterprise Inkjet Systems

Flexographic Packaging

Software and Solutions

Consumer and Film

Advanced Materials and 3D Printing
Technology

Eastman Business Park

Total

Operational EBITDA (Segment Measure)

$

16

$

1

$

8

$

(1

)

$

(5

)

$

(7

)

$

2

$

14

Corporate SG&A

13

2

2

1

3

-

1

22

Operational EBITDA Before Corporate Costs

$

29

$

3

$

10

$

-

$

(2

)

$

(7

)

$

3

$

36

(in millions)

For the Three Months Ended June 30, 2016

Print Systems

Enterprise Inkjet Systems

Flexographic Packaging

Software and Solutions

Consumer and Film

Advanced Materials and 3D Printing
Technology

Eastman Business Park

Total

Operational EBITDA (Segment Measure)

$

22

$

(6

)

$

6

$

(2

)

$

10

$

(8

)

$

1

$

23

Corporate SG&A

12

2

1

2

3

1

-

21

Operational EBITDA Before Corporate Costs

$

34

$

(4

)

$

7

$

-

$

13

$

(7

)

$

1

$

44

Footnote Explanations:

(1)

As reported in the Consolidated Statement of Operations.

(2)

RED utilities variable interest entity, which was deconsolidated
Dec. 31, 2016 (interest and depreciation of RED are included in the
respective lines in the table).

(3)

Composed of interest cost, expected return on plan assets,
amortization of actuarial gains and losses, and curtailment and
settlement components of pension and other postretirement benefit
expenses.

(4)

Consulting and other costs are professional services and internal
costs associated with certain corporate strategic initiatives.

(5)

Consists of third party costs such as security, maintenance and
utilities required to maintain land and buildings in certain
locations not used in any Kodak operations.

(6)

Consists of manufacturing costs originally planned to be absorbed by
silver metal mesh touch screen production that are excluded from the
segment measure of profit and loss.

(7)

The impact of foreign exchange represents the foreign exchange
impact using average foreign exchange rates for the three months
ended June 30, 2016, rather than the actual exchange rates in effect
for the three months ended June 30, 2017.

B. FINANCIAL STATEMENTS

EASTMAN KODAK COMPANY

CONSOLIDATED STATEMENT OF OPERATIONS (Unaudited)

(in millions)

Three Months Ended June 30,

2017

2016

Revenues

Sales

$

306

$

342

Services

75

81

Total net revenues

381

423

Cost of revenues

Sales

240

261

Services

50

55

Total cost of revenues

290

316

Gross profit

91

107

Selling, general and administrative expenses

53

58

Research and development costs

15

16

Restructuring costs and other

11

7

Other operating expense (income), net

2

(6

)

Earnings from continuing operations before interest expense, other
(income) charges, net, and income taxes

10

32

Interest expense

8

16

Other (income) charges, net

(9

)

1

Earnings from continuing operations before income taxes

11

15

Provision for income taxes

4

6

Earnings from continuing operations

7

9

Loss from discontinued operations, net of income taxes

(3

)

(1

)

Net earnings

4

8

Less: Net income attributable to noncontrolling interests

—

1

NET EARNINGS ATTRIBUTABLE TO EASTMAN KODAK COMPANY

$

4

$

7

The notes accompanying the Company’s second quarter 2017 Form 10-Q are
an integral part of these consolidated financial statements.

EASTMAN KODAK COMPANY

CONSOLIDATED STATEMENT OF FINANCIAL POSITION (Unaudited)

(in millions)

June 30, 2017

December 31, 2016

ASSETS

Cash and cash equivalents

$

370

$

434

Receivables, net

298

311

Inventories, net

313

271

Other current assets

23

23

Total current assets

1,004

1,039

Property, plant and equipment, net of accumulated depreciation of
$376 and $343, respectively